WHEREAS THE GOVERNOR OF THE CENTRAL BANK Of SRI LANKA ARJUNA MAHENDRAN HAS…

1. Caused a massive direct loss of approximately Rs. 2 billion to the Government, by arbitrarily and suddenly changing the process of issuing Treasury Bonds issued by the government on 27/02/2015 claiming to have done so on the instructions of Prime Minister Ranil Wickremesinghe, while also causing a further loss of around Rs. 145 billion as a result of higher interest payments over the next 30 years, 
2. Caused further direct losses of more than Rs. 4 billion to the government through the fraudulent increase in interest rates as a result of the Treasury Bond issues on 27th March 2016 and 29th March 2016, in order to provide an undue advantage to connected primary dealers by indulging in further pre-meditated bond scams,
3. Caused the Employees Provident Fund (EPF) which is under the supervision of the Monetary Board to stay away from the primary auctions for Treasury bonds on selected dates, while directing the EPF to acquire Treasury bonds in the secondary market within 3 or 4 days thereafter, thus enabling certain parties connected to the Governor, to “pump-up” selected Treasury Bonds and to provided then with an opportunity to “dump” the bonds upon the 2.5 million EPF members and other state institutions, and earn huge profits,
4. Caused an increase in the interest payable on Treasury Bonds and Sri Lanka Development Bonds in the year 2015, by a massive amount of Rs. 66.4 billion, (as per the Central Bank Annual Report of 2015), through his arbitrary and fraudulent decision to change the method of issuing bonds, to “auction-only”, thereby allowing the money market to be manipulated by persons and firms closely connected to him,
5. Caused the Sri Lankan Rupee to depreciate by an unprecedented rate of 9% during the year 2015, even while recklessly dissipating USD 3,250 million out of Sri Lanka’s reserves, to secure the political objective of maintaining the value of the Rupee in the run-up to the August 2015 general election, by supplying massive amounts of forex from the country’s vital forex reserves,
6. Caused the increase in the country’s public debt by a staggering Rs. 285 billion through the depreciation of the currency as a result of his gross mismanagement of the economy, thereby pushing the country towards a serious debt trap where the country’s debt to GDP ratio which was at a reasonable 70.7% as at end 2014, jumping to a massive 76.0% by the end of 2015,
7. Caused the Central Bank to become the laughing stock in the global investing community by regularly making bogus and false statements to the markets about the state of the economy and in particular claiming that various forex inflows were imminent, including a blatantly false statement that an inflow of USD 1 billion was expected “very shortly” from investors in Saudi Arabia,
8. Utilized his official credit card for Rs. 14.5 million within a ten months in a reckless, wasteful and dishonest manner to pay for items of expenditure covering accommodation, food, entertainment, and other expenses at a scale and magnitude, unprecedented in the history in the Central Bank,
9. Paid a sum of over Rs. 2.1 million said to be for the purpose of purchasing personal clothing from abroad through his official credit card, thereby claiming such personal expenditure from the Central Bank,
10. Caused serious administrative issues within the Central Bank by providing special travel and other benefits to certain highly favoured employees, thereby causing serious dissension, distrust and disunity among the staff of the Central Bank, while also embarking on a repressive witch-hunt to punish members of the staff who he has suspected as being the “whistle-blowers” of the waste, fraud and corruption perpetrated by him,
11. Withheld the basic information pertaining to the fraudulent Treasury bond issues from the Monetary Board members as well as certain Good Governance Activists, who have requested such information, upon learning of the massive bond scams perpetrated and master-minded by him,
12. Carried on duties stubbornly as the Governor of the Central Bank of Sri Lanka, even while being fully aware that President Sirisena (who is his appointing authority) had already requested Prime Minister Wickremesinghe to persuade him to resign from his office many months ago.
13. The removed Chairman of the Lankaputhra Development Bank Limited (LDBL) by the Department of Bank Supervision is being protected by the Central Bank Governor. The Department of Bank Supervision of the Central Bank informed that the Chairman of the LDBL should no longer continue to serve in the said post due to that  (i) he did not possess the professional qualifications required as per Section 3 (5) (IX) of the Banking Act, Direction No. 12, of 2007 and (ii) despite of previous warnings, the Chairman had unheeded them and failed to protect the Bank’s confidentiality and thereby failed to fulfill the duties and responsibilities of the post of the Chairman.   
14. Alleged connections and dealing with LTTE Tamil terrorist organization and convicted financial fraudulent individuals’ detriment to the national security of Sri Lanka. 
15. Appointment of Arjun Mahendran as the Central bank governor is gross violation of the constitution as he is not a Sri Lankan citizen.
16. Arjun Mahendra is a signatory of a leading bank in a middle East country where he was working prior to his appointment as the Central Bank Governor hence not eligible to hold such high profile post on the basis of “conflict of interest”.
17. He has not given oaths to protect the unitary status of Sri Lanka etc. that all government heads/ employees must do. This also a violation of the Article No 61 of the Chapter 1X of the constitution of Sri Lanka.  

CONSIDERING THE ABOVE-STATED ACTS OF CORRUPTION, WASTE, FRAUD, AND POLITICALLY-BIAS OF GOVERNOR MAHENDRAN, WE, THE PEOPLE OF SRI LANKA OR ORIGIN FROM SRI LANKA DEMAND FROM PRESIDENT SIRISENA THAT

1. Arjuna Mahendran’s term of office as Governor NOT be extended beyond 30th June 2016 under any circumstances, thereby ensuring that the said Arjuna Mahendran is NOT permitted to continue with his unacceptable behaviour any longer, as well as NOT place the country’s economy in further danger.
2. Arjuna Mahendran’s actions and conduct be probed by an independent, bi-partisan and knowledgeable Commission of Inquiry, with wide powers.
3. Arjuna Mahendran’s direct accomplices and others who assisted, connived, acted-in-concert, aided, abetted, and co-operated with him in the commission and cover-up of all these fraudulent activities, be also probed and exposed. 

WE, THE PEOPLE, FURTHER DEMAND THAT THE STATE RECOVERS THE PUBLIC PROPERTY SO DEFRAUDED AND MISAPPROPRIATED ARJUNA MAHENDRAN AND ALL OTHER PERPETRATORS OF THESE MISDEEDS AND ACTS OF COVER-UP, AS WELL AS SEVERELY PUNISH WITH THE FULL FORCE OF THE LAW, ALL SUCH PERSONS SO THAT THEY WILL NOT BE ABLE TO HEREINAFTER EMBARK ON ANY FRAUDULENT ACTIVITIES IN SRI LANKA OR ELSEWHERE IN THE WORLD.   

Thank You,
GLOBAL SRI LANKAN FORUM